Hello traders, have a potential trade on this pair. As we can see that the price broke the previous trendline convincingly, creating a bearish divergence on the pair. The move up in the past 2 weeks also created what i think is the cd leg which would complete at the supply above. However i do expect some retracement on this pair till the 0.978 area before continuing its move up the supply and the completion of the two possible ab=cd patterns. On completion a big sell can be expected.
PLAN
The plan for this particular trade is to either buy at he structure level below around the 0.978 area all the way up till the supply. I wouldnt be surprised if the price just goes to the completion area without any hesitation or retracement so my plan B would be to sell from the top
Also to keep in mind is that on smaller tfs we can observe that price made a bullish flag chart pattern which might take the two ab=cd patterns towards the completion so better bet would be to sell it from the top
Cheers
*NOTE* For some reason i cant edit my view whether this is a long or a short after posting the chart, so would like to say i am neutral for now and would like to see how the price reacts when the market opens
PLAN
The plan for this particular trade is to either buy at he structure level below around the 0.978 area all the way up till the supply. I wouldnt be surprised if the price just goes to the completion area without any hesitation or retracement so my plan B would be to sell from the top
Also to keep in mind is that on smaller tfs we can observe that price made a bullish flag chart pattern which might take the two ab=cd patterns towards the completion so better bet would be to sell it from the top
Cheers
*NOTE* For some reason i cant edit my view whether this is a long or a short after posting the chart, so would like to say i am neutral for now and would like to see how the price reacts when the market opens
